Ghana’s headline inflation fell to 9.4 percent in September, down from 11.5 percent in August, marking the lowest level since August 2021, when the country last recorded an inflation rate below 10 percent, the Ghana Statistical Service (GSS) said on Wednesday.
“This is the lowest inflation rate in four years and the ninth consecutive decline in headline inflation,” GSS Government Statistician Alhassan Iddrisu said during the monthly briefing.
Iddrisu said the continuous decline in headline inflation was driven by the persistent decrease in both food and non-food inflation.
Compared to August, food inflation declined by 3.8 percentage points to 11 percent in September, while non-food inflation decreased by 0.5 percentage points to 8.2 percent.
Moreover, the inflation rate for September moved toward the middle point of the central bank’s medium-term inflation target band of 6 to 10 percent.
“The major factors driving the long run of lower inflation include the appreciation of the local cedi currency, fiscal consolidation by the government, the strong monetary policy stance of the Bank of Ghana, and the base effect,” Iddrisu added.
According to the government statistician, the current trend of inflation indicates that Ghana is moving firmly toward price stability with strong macroeconomic fundamentals.
Source: newsghana.com.gh
